The City of Aurora (the "City") requests written proposals (each a "Proposal") from qualified for-profit and/or nonprofit development partner(s) (each a "Developer") to provide affordable housing development on City-owned land commonly referred to as Idalia Court and described as a parcel of land situated in the SW ¼ of Section 20, T4S, R66W of the 6th Principal Meridan, City of Aurora, County of Arapahoe, State Of Colorado, legally described as follows: Lot 1 – 54 inclusive, Block 1, together with Tract B but excluding Tract A, Idalia Court Condominiums Subdivision Filing No. 1, as shown and depicted on the plat thereof recorded at Rec. No. B4137083 Book 269 Page 3-5 in the office of the Arapahoe Clerk and Recorder’s Office and attached hereto as Exhibit A to Section I (each a "Property" and collectively the "Properties"). The chosen Developer will be granted a License and Option to Lease Agreement in the form attached in Section IV as Exhibit A (the "License") to perform due diligence, during which the chosen Developer shall be responsible to obtain any and all federal, state, and local approvals, permits, site plans, secure financing, and satisfy all other requirements necessary to construct affordable housing on the Property. If the Developer decides to proceed, the City and the Developer will execute the long-term Ground Lease in the form attached in Section IV as Exhibit B (the "Ground Lease"). The Housing and Community Services Department ("HCS") will administer the Ground Lease in cooperation with the Real Property Services Division. A Lease Administration fee will be established at a minimum of $2,400.00 per year. This fee will be subject to annual adjustments ranging from a minimum of 3% to a maximum of 5%. Adjustment will take effect on January 1st after initial year.
